The subjective well-being of Chinese higher vocational college students remains an underexplored topic, despite its importance for shaping effective educational policies and practices. This research aims to identify and analyze key variables influencing subjective well-being in this population, addressing the lack of a comprehensive theoretical framework that integrates the unique elements of the Chinese context and the educational experiences of vocational students. Employing a mixed-methods approach, the study combines quantitative surveys distributed to students from multiple institutions with qualitative interviews conducted with a selected subset of participants. Key variables examined include academic stress, social support, career aspirations, financial stability, and institutional environment. Structural Equation Modeling (SEM) is utilized to assess the relationships between these factors. Findings indicate that social support and career aspirations positively influence subjective well-being, whereas academic stress and financial instability exert negative effects. Additionally, institutional factors, such as infrastructure quality and student services, significantly impact well-being. These findings contribute to a deeper understanding of the quality of life and satisfaction levels among vocational students, offering insights that can inform future interventions. Policymakers and educators can leverage these results to develop frameworks and initiatives aimed at improving student welfare within higher vocational education institutions.